Real estate is changing hands in downtown Red Deer.
The former Abacus Datagraphics building, located at 4814 Ross St., has been sold to a local investor. The building was listed for $1.67 million and sold for $1.37 million.
“This is a positive sale for our downtown,” said Cam Tomalty of Re/Max commercial properties in a statement.
“We have seen many businesses close or relocate from the downtown core, so it is promising to see an investor willing to commit to the purchase, put money into renovations, and work at attracting new businesses to help revive the downtown core.”
The four-storey building overlooks City Hall Park and is anchored by IDA Drugs. There are two new tenants hoping to take occupancy in the building in September, said Tomalty.
The new owner is working to attract new tenants and plans on offering naming rights to a qualified tenant.
Tomalty also noted there is more positive activity downtown. Re/Max sold the historic Prairie Office Products building as well as the Old Mill. He said both spots will be opening new businesses in the near future.
“As of last week, the former Roger’s Insurance building was sold as well, filling up a downtown office building that has been sitting vacant,” he said.
“We are hopeful this is a sign our economy is improving and is encouraging news for our city’s downtown.”